(Alliance News) - Valtecne Spa reported Thursday that its board of directors reviewed sales revenues as of Dec. 31, which were EUR30.7 million, up about 28 percent from the previous year, when they were EUR24.1 million.

The growth was driven by the Medical business line, which manufactures high-precision surgical instruments and implantable components for orthopedic procedures, whose revenues, which now account for 60 percent of the total, increased 57 percent to EUR18.5 million compared with pro forma revenues of EUR11.8 million achieved in fiscal 2022.

The Industrial business line, which specializes in the manufacture of high-precision mechanical components for various industries, recorded a slight decrease of 0.7 percent compared to the pro forma 2022 revenues of EUR12.3 million.

Paolo Mainetti, chief executive officer of Valtecne, called results achieved in 2023 "the best in terms of volume in the company's history. "In line with commitments made during the IPO phase, Mainetti added, the company is intent on continuing investments in the medical sector. "This translates into our ambition to further expand our footprint in the different segments of orthopedics and in the med-tech field, as evidenced by our recent entry into the field of traumatology. We are also pleased to see that, despite the economic challenges and the inflationary surge of the past year, the Industrial division has continued to show strength and resilience in an environment that has undoubtedly penalized the production chains of the traditional manufacturing industry."

Valtecne's stock trades in the green by 2.0 percent at EUR6.10 per share.

By Chiara Bruschi, Alliance News reporter

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